Home Values in Palm Bay, Florida — 2026 Market Report
Updated March 2026 | Seller's Market | +7.4% YoY
The median home value in Palm Bay, Florida is $295,000 as of March 2026, which is below the national median of $400,000. Home values in Palm Bay have increased by 7.4% over the past year and 42.9% over the last five years. With a population of 119,760 and a median household income of $52,250, the price-to-income ratio stands at 5.6x, making Palm Bay affordable for the average household.
Palm Bay Housing Market Conditions
| Metric | Palm Bay | National Avg |
|---|---|---|
| Median Home Value | $295,000 | $400,000 |
| YoY Appreciation | +7.4% | +3.8% |
| 5-Year Appreciation | +42.9% | +22.4% |
| Price per Sq Ft | $136 | $222 |
| Days on Market | 34 days | 45 days |
| Months of Supply | 2.4 | 3.5 |
| List-to-Sale Ratio | 97.7% | 98.5% |
| Monthly Homes Sold | 83 | — |
| Foreclosure Rate | 0.26% | 0.3% |
Home Value Trends in Palm Bay
A homeowner who purchased at the median price of $206,438 five years ago in Palm Bay would have gained approximately $88,562 in equity, representing a 42.9% return on investment. Over the past year alone, the typical homeowner gained $20,326 in home equity.
Affordability in Palm Bay, FL
With a median household income of $52,250 and a median home price of $295,000, the price-to-income ratio in Palm Bay is 5.6x. A ratio below 3x is generally considered affordable, while above 5x indicates significant affordability challenges. The average monthly rent of $2,232 compared to estimated monthly ownership costs of $1,612 gives a rent-vs-buy ratio of 0.72. In Palm Bay, buying is currently competitive with renting when factoring in equity accumulation.
Property Taxes in Palm Bay
The effective property tax rate in Florida is 0.86%. On a home valued at $295,000, the estimated annual property tax bill is $2,537, or approximately $211/month. Property taxes are an important factor in the total cost of homeownership and can significantly impact affordability. The cost of living index in Palm Bay is 93.5 (100 = national average), indicating living costs are below the national average.
Calculate Your Mortgage Payment in Palm Bay
Use our free calculator to estimate monthly payments for a $295,000 home
Open Mortgage CalculatorFrequently Asked Questions
What is the median home value in Palm Bay, FL?
The median home value in Palm Bay, Florida is $295,000 as of March 2026. Home values have changed +7.4% over the past year, with a 5-year appreciation of 42.9%.
Is Palm Bay a buyer's or seller's market?
Palm Bay is currently a seller's market with 2.4 months of housing supply. Homes spend an average of 34 days on market, and the list-to-sale price ratio is 97.7%. Low inventory gives sellers an advantage.
Are home values going up in Palm Bay?
Yes, home values in Palm Bay have increased by 7.4% over the past year. The 5-year appreciation rate is 42.9%, meaning a home worth $206,438 five years ago is now worth $295,000.
Is it better to rent or buy in Palm Bay?
The average monthly rent in Palm Bay is $2,232, while estimated monthly homeownership costs are approximately $1,612. The price-to-rent ratio is 11. Based on current conditions, buying may be more cost-effective than renting in this market.
Home Values in Other Florida Cities
Related Resources
Disclaimer: Home value data for Palm Bay, Florida is based on publicly available market data and estimates. Actual home values may vary based on property condition, location within the city, and current market conditions. Data is updated regularly but may not reflect the most recent transactions. Last updated: March 2026.